Latest news with #WashingtonState
Forbes
a day ago
- Business
- Forbes
New Washington State Tax Law Threatens Active Traders
Traders with high-volume activity could face tax on gross trading gains—even if they lose money overall. Washington State B&O Tax: Are Traders At Risk? Self created Darren Neuschwander, CPA, and Adam Manning, CPA, contributed to this blog post. Washington State has taken an aggressive stance on taxing investment and trading income under its Business & Occupation (B&O) tax regime. The October 2024 Antio court ruling and the enactment of HB 2081 in May 2025 have reshaped the landscape, potentially pulling active traders—both individuals and entities—into the tax base. The B&O tax applies to gross receipts, not net income. RCW 82.04.080 defines gross income to include trading gains, interest, dividends, and investment income—without deducting trading losses. This poses a major risk to traders with large volumes of proceeds but net losses overall. HB 2081 carved out exemptions for Family Investment Vehicles (FIVs) and Collective Investment Vehicles (CIVs). However, these exemptions are narrowly defined. FIVs are limited to estates, trusts, and certain educational savings plans. CIVs require unrelated investors and external managers—criteria typical hedge funds meet, but not personal or family trading entities. Most active traders operating through husband-wife LLC/partnerships, or S-Corps, will not qualify for either entity exemption. Individual traders claiming federal Trader Tax Status (TTS) and reporting expenses on Schedule C and gains under Section 475 MTM could inadvertently signal 'business activity,' triggering B&O tax liability. We submitted a formal letter to the Washington Department of Revenue requesting guidance on whether traders are considered 'engaged in business' under state law and whether net trading results—not just gross gains—can define the taxable base. Washington-based traders seeking federal tax savings through TTS may now face unexpected state tax obligations. The situation demands clarity from the state and awareness among traders. Please look at the longer-form version of this blog post on which includes a letter I sent to the WA DOR.
Forbes
2 days ago
- Business
- Forbes
Face Foundrié Is Transforming Skincare With Fast, Affordable Facials
Face Foundrié offers quick and comparatively inexpensive facials. For decades, facials have been indulgent, high-end treatments—complete with private rooms, fluffy robes, and triple-digit price tags. For many women, it's a special-occasion luxury rather than a regular part of a wellness routine. But Face Foundrié, a fast-growing skincare franchise is planning 120 new locations this year offering affordable, efficient facials that make skin care as accessible as a monthly manicure. It's a model that caught the attention of Heidi Jaquin, a serial entrepreneur with a knack for spotting a smart business concept. After running a chain of Jimmy John's sandwich shops in Washington State (she has also operated Teavana and 7Brew Coffee franchises), she was ready for a new challenge. The idea for Face Foundrié came via her daughter, who discovered the concept in Minnesota and figured running a spa couldn't be that different from running a sandwich joint. 'She came home and told me, 'Mom, this place is totally different—cool, affordable, exactly what my generation wants,'' Jaquin says. 'I had to check it out.' At first, she was skeptical. After all, she wasn't someone who often booked facials, let alone thought about opening a skincare business. 'I'm the type of person who thinks, 'I'll get my hair done later.' I never really prioritized facials,' she says. But once she experienced Face Foundrié's fast, no-frills approach—50-minute treatments, under $100, with shoulder massages and hydrating serums included—she was hooked. She has since opened a Face Foundrié location in San Francisco's Marina district, with plans for two more opening soon in the Bay Area in Marin County's Corte Madera Town Center and Santa Rosa's Montgomery Village. Her daughter Hayley, now a recent college graduate with a degree in marketing and entrepreneurship, runs the social media and marketing side of the business. Meanwhile, a close friend—formerly —serves as the operating partner, managing the day-to-day logistics. 'It all came together in this perfect, kind of unexpected way,' she says. 'My daughter brings the Gen Z perspective—she understands how social media drives trends, what brands younger women trust, and how to create excitement. And my friend is a natural at operations—she's the glue that keeps it all running.' That multigenerational approach mirrors the Face Foundrié customer base: a mix of younger women looking for preventative treatments (yes, hydrofacials at 22 are a thing), and older clients interested in maintenance and self-care without breaking the bank. Costs to open a Face Foundrié franchise run from $200,000 to more than $350,000, including an upfront franchising fee of $44,000. A 7% royalty fee and a 2% marketing contribution are continuing costs. Franchisees must have a net worth of at least $350,000 plus $150,000 in liquid assets to be considered. Face Foundrié's menu includes oxygenating facials, lash lifts and tints, brow tinting, and even services like ProCell Microchanneling, a gentler alternative to microneedling that uses ultra-fine stamping to boost collagen production. There's also the Sculpt facial, which incorporates a Hungarian massage technique designed to 'pull out your lines.' And unlike many spa facials that stretch to two hours, Face Foundrie's treatments are designed for efficiency. You're in and out in under an hour, no robe required, and some treatments even manage to squeeze in a shoulder, head and arm massage. The open-concept treatment areas with curtained beds, rather than private rooms helps keep costs down at the outset, since they don't have to construct individual treatment rooms. Prices at the new San Francisco location start at $89 for a basic facial and go up to $259 for a hydrofacial, which is still below the typical market rate in the Bay Area. Michelle Henry launched Face Foundrié in 2019. Naturally, product sales are part of the business too. Face Foundrie offers a mix of its own line (co-developed by founder Michelle Henry and dermatologists) and clean, science-backed brands like Bioeffect (an Icelandic brand using barley-derived growth factors), Holifrog (inspired by the permeability of frog skin), and PCA Skin. Henry previously owned a small chain of 'cheap and chic' clothing boutiques in Minnesota called Primp, which she sold in 2019. Face Foundrié is a natural next step—the cheap and chic version of facials. For Jaquin, it represents more than just a smart business opportunity—it's a chance to build something with her daughter, mentor a friend, and create a space where skincare feels approachable, not intimidating. 'I used to spend $300 on a facial and feel like I had to block out half my day for it,' she says. 'This is totally different. It's affordable, it's fast, and you still get that relaxing, pampering experience—without feeling like you're splurging.' And while running a facial franchise is a far cry from managing sandwich shops, she sees more overlap than you might expect. 'At Jimmy John's, we were obsessed with speed and consistency—making sure every customer got the same sandwich, fast. Face Foundrie is the same idea, just a different product. We're delivering a great experience quickly, at a price point that makes people come back.' For a generation raised on wellness routines and skincare influencers, that model is hitting the right notes. And with nearly 50 Face Foundrié locations already open nationwide—and that number more than doubling this year—the facial industry may be catching up to what consumers really want: a facial that's almost as easy and affordable as grabbing a sandwich.
Yahoo
3 days ago
- Business
- Yahoo
Mike Leach, Les Miles eligible for College Football Hall of Fame after rule change
Mike Leach and Les Miles are among the coaches that will benefit from the National Football Foundation changing the eligibility criteria for the College Football Hall of Fame. The NFF announced on Thursday that coaches with a winning percentage of .595 are considered eligible for induction. Previously, the requirement was for coaches to have a winning percentage of .600, which affected coaches worthy of consideration such as Leach (.596), Miles (.597) and Jackie Sherrill (.595). In 21 seasons as a college football head coach at Texas Tech, Washington State and Mississippi State, Leach compiled a record of 158-107. He died in 2022 at the age of 61. However, besides his winning percentage, Leach is lauded among his peers for his influence on the sport with his wide-open "Air Raid" offensive system that influenced many offenses throughout the nation. "Mike Leach was instrumental in changing the way football is played, and has made it more enjoyable for fans and players," Leach's mentor, Hal Mumme, told ESPN's Dave Wilson. "He had a huge role in that and he should be in the Hall of Fame." Leach was Mumme's offensive coordinator and developed the "Air Raid" at Iowa Wesleyan, Valdosta State and Kentucky from 1989-98. Miles is also affected by the Hall of Fame eligibility rules changing. Last year, he sued LSU for vacating 37 of his wins. (The NFF and NCAA were also named as defendants in the lawsuit.) The school imposed the penalty due to recruiting violations involving alleged payments totaling nearly $200,000 to the father of offensive lineman Vadal Alexander by a former booster. Every win in which Alexander played from 2012–15 was vacated. Losing those 37 wins dropped Miles' winning percentage from .665 (145-73) to .597 (108-73), putting him below the threshold for Hall of Fame eligibility. Miles coached at Oklahoma State, LSU and Kansas in his 18 years as a head coach. A Louisiana judge dismissed the lawsuit earlier this year. Another coach who could benefit is Jackie Sherrill, who registered a .595 winning percentage (179-121-4) at Washington State, Pittsburgh, Texas A&M and Mississippi State in a 26-year head coaching career. Active head coaches who are now eligible if they maintain their current winning percentages are Iowa's Kirk Ferentz (216-145, .598) and West Virginia's Rich Rodriguez (190-129-2, .596).
Yahoo
3 days ago
- Business
- Yahoo
Mike Leach, Les Miles eligible for College Football Hall of Fame after rule change
Mike Leach and Les Miles are among the coaches that will benefit from the National Football Foundation changing the eligibility criteria for the College Football Hall of Fame. The NFF announced on Thursday that coaches with a winning percentage of .595 are considered eligible for induction. Previously, the requirement was for coaches to have a winning percentage of .600, which affected coaches worthy of consideration such as Leach (.596), Miles (.597) and Jackie Sherrill (.595). In 21 seasons as a college football head coach at Texas Tech, Washington State and Mississippi State, Leach compiled a record of 158-107. He died in 2022 at the age of 61. However, besides his winning percentage, Leach is lauded among his peers for his influence on the sport with his wide-open "Air Raid" offensive system that influenced many offenses throughout the nation. "Mike Leach was instrumental in changing the way football is played, and has made it more enjoyable for fans and players," Leach's mentor, Hal Mumme, told ESPN's Dave Wilson. "He had a huge role in that and he should be in the Hall of Fame." Leach was Mumme's offensive coordinator and developed the "Air Raid" at Iowa Wesleyan, Valdosta State and Kentucky from 1989-98. Miles is also affected by the Hall of Fame eligibility rules changing. Last year, he sued LSU for vacating 37 of his wins. (The NFF and NCAA were also named as defendants in the lawsuit.) The school imposed the penalty due to recruiting violations involving alleged payments totaling nearly $200,000 to the father of offensive lineman Vadal Alexander by a former booster. Every win in which Alexander played from 2012–15 was vacated. Losing those 37 wins dropped Miles' winning percentage from .665 (145-73) to .597 (108-73), putting him below the threshold for Hall of Fame eligibility. Miles coached at Oklahoma State, LSU and Kansas in his 18 years as a head coach. A Louisiana judge dismissed the lawsuit earlier this year. Another coach who could benefit is Jackie Sherrill, who registered a .595 winning percentage (179-121-4) at Washington State, Pittsburgh, Texas A&M and Mississippi State in a 26-year head coaching career. Active head coaches who are now eligible if they maintain their current winning percentages are Iowa's Kirk Ferentz (216-145, .598) and West Virginia's Rich Rodriguez (190-129-2, .596).
New York Times
3 days ago
- General
- New York Times
How College Football Hall of Fame eligibility changes impact Mike Leach, Les Miles, others
The late Mike Leach, a legendary and revolutionary college football mind, will soon be eligible for the College Football Hall of Fame. On Thursday, the National Football Foundation and College Football Hall of Fame announced changes to eligibility criteria for coaches to be considered for induction. The NFF has come under scrutiny in recent years for requiring coaches to have a .600 career winning percentage to be considered, but on Thursday it opted to trim the required winning percentage down to .595 starting in 2027. Advertisement Leach, who coached at Texas Tech, Washington State and Mississippi State, went 158-107 in his career for a winning percentage of .596. But he had an outsized impact on the sport through the development of the Air Raid offense and his coaching tree. Leach died in December 2022 at the age of 61 following complications form a heart condition. The NFF still requires coaches eligible for induction to have served a minimum of 10 years as a head coach and to have coached a minimum of 100 career games. Coaches become eligible three full seasons after retirement or are immediately eligible if they retire at the age of 70 or older. Active coaches who are 75 or older are eligible. 'The NFF is committed to preserving the integrity and prestige of the NFF College Football Hall of Fame,' NFF president Steve Hatchell said in a release Thursday. 'This adjustment reflects thoughtful dialogue with leaders across the sport and allows us to better recognize coaches whose contributions to the game extend beyond a narrow statistical threshold.' The change might allow for Leach to be inducted posthumously in 2027, but it still leaves questions as to why other prominent and successful coaches remain ineligible. Howard Schnellenberger, who guided Miami to a national title in 1983, will not be able to be considered for induction because of his .511 career winning percentage (158-151-3) that also included stops at Louisville, Oklahoma and Florida Atlantic. He's now a mere four-tenths of a percentage short of the NFF's new required winning clip. Schnellenberger died in March 2021 at the age of 87. Another national champion head coach may, in theory, be eligible too. Former LSU head coach Les Miles, who guided the Tigers to a national title in 2007, sued the NCAA, the NFF and LSU last year after 37 of his wins were vacated in the wake of a Level I recruiting violation, dropping his career winning percentage from .665 (145-73) to .597 (108-73). Though the suit was later dismissed, the 71-year-old Miles, who also coached at Oklahoma State and Kansas, could now be eligible for induction anyway. Advertisement The longest-tenured current head coach in college football also has a little more wiggle room. Iowa coach Kirk Ferentz, who has been leading the Hawkeyes since 1999, is one win from tying Ohio State's Woody Hayes for the Big Ten career win record of 205. But Ferentz's three-year stint at Maine (12-21) from 1990-92 caused his career winning percentage to hover just below the .600 threshold at .598. Ferentz, 69, is 216-145 overall and 204-124 (.622 percent) in 26 seasons at Iowa.
